Legendary Entertainment buys shares of Wanda Group and ushers in “new era” | News

The US film and television studio Legendary Entertainment has bought the Chinese conglomerate Wanda Group’s shares in the company.

While the US company did not disclose financial details, it said the move was funded entirely by cash on its balance sheet as the company reports its most profitable year to date, driven by major theatrical releases such as “Dune: Part Two” and “Godzilla.” x Kong: The” is powered by New Empire.

Following the transaction, the company has “significant excess liquidity” to finance its current business objectives and planned expansion, it said.

With the transaction, Legendary Entertainment is now owned by the corporate management and funds under management of private equity firm Apollo, which made a $760 million minority investment in Legendary two years ago.

The deal will allow it to expand its film and television business, and the company says it “heralds a new era for the studio.”

The acquisition comes eight years after Beijing-based Wanda Group acquired Legendary for about $3.5 billion. According to the US company, it was China’s “largest cross-border cultural acquisition of all time”.

In addition to Drops of God (Apple TV+), Legendary’s TV appearances include Monarch: Legacy of Monsters (Apple TV+), which is currently expanding with several spin-offs in the works.

On the film side, where Legendary generates most of its revenue, the company is also behind titles like Netflix’s “Enola Holmes” as well as the upcoming “A Minecraft Movie,” the film adaptation of the classic video game “Street Fighter” and a hybrid animated film and live-action film “Animal Friends,” starring Ryan Reynolds, Jason Momoa, Aubrey Plaza and Dan Levy.

The company’s three main divisions are Legendary Pictures, Legendary Television and Digital Media, and Legendary Comics.

“The purchase of Wanda’s remaining ownership interests is the next strategic step in Legendary’s long-term growth plan,” said Josh Grode, CEO of Legendary.

“With our outstanding creative team led by Mary Parent, the development, production and marketing of high-quality film and television, as well as collaborations with leading artists, remains at the core of our expansion.

“I would like to thank and recognize Wanda, who has been an outstanding and supportive shareholder since 2016, and I congratulate them on this transaction. I look forward to continuing to work closely with the Apollo team as we build on Legendary’s strong momentum together.”